[throwaway1105q]

Assets don't have to produce any cash flow. Most popularly, gold. Stocks that provide stable dividends are also less and less usual.

Assets can just hold their real value compared to inflation and that's useful enough - even losing value slower than inflation is still good.

[mrcode007]

FASB defines an asset as:

“A present right of an entity to an economic benefit”.

“Essential to the definition of an asset is a right to an "economic benefit" —the capacity to provide services or benefits to the entities that use them. Generally, in a business entity, that economic benefit eventually results in potential net cash inflows to the entity. In a not-for-profit entity, that economic benefit is used to provide desired or needed goods or services to beneficiaries or other constituents, which may or may not directly result in net cash inflows to the entity.“

It also says “incurring a cost to acquire an item does not in itself qualify an item to meet the definition of the asset”

https://www.fasb.org/Page/ShowPdf?path=Concepts_Statement_8-...

[throwaway1105q]

Not sure how is an accounting book relevant. I'd rather ask a tax consultant - the definitions are slightly but significantly different.

Anyways, even by your book's definition - later sale for a higher price is economic benefit, protection against inflation is one too.

This link considers your viewpoint too: https://www.investopedia.com/terms/a/asset.asp